Explanation
BACKGROUND: Columbus City Council (“COUNCIL”), by Ordinance No. 3015-2017, passed December 4, 2017, authorized the City of Columbus (“CITY”) to enter into an Enterprise Zone Agreement (the “AGREEMENT”) with 1086 North Fourth St. LS, LLC and Lykens Companies LLC (collectively, and hereinafter referred to as “ENTERPRISE”) for a tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years in consideration of a proposed total capital investment of roughly $5.45 million, which includes approximately $4.75 in real property improvements and another $300,000 in improvements for retail space, $200,000 in machinery and equipment, $200,000 in furniture and fixture to renovate and convert an old manufacturing facility (known as The Budd Dairy Building) consisting of approximately 40,451 sq. ft. into a new mixed-use Class A commercial office. The proposed mixed-use redevelopment contains approximately 35,000 sq. ft. +/- of new Class A office space, which will includes an Entrepreneurial center and a co-working space, and approximately 5,451 sq. ft. +/- of retail space located at 1086 N. 4th Street, Columbus, Ohio 43201, parcel number 010-009127 (the “PROJECT SITE”).
The “PROJECT” related to the AGREEMENT consisted of the development of the 35,000 sq. ft. Class A office space as it related to the aforementioned project. The ENTERPRISE committed to invest approximately $4.75 million of the proposed $5.45 million in real property improvements, on the development of the commercial office space. Lykens Companies LLC committed to be one of the office tenants and employer of record, and enter into a lease agreement with 1086 North Fourth St. LS, LLC (“land owner”) to expand and relocate its corporate headquarters (HQ) from 1020 Dennison Avenue, Suite 102 Columbus, Ohio 43201 to the proposed PROJECT SITE. Additionally, Lykens Companies LLC committed to retain 10 full-time employees with an annual payroll of approximately $410,000 and create ...
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